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Standard XI

Accountancy

Journal & Ledger for Recording Depreciation

Soloman purch...

Question

Soloman purchases a machine for Rs. 1,00,000 . Its estimated useful life is 5 years and scrap Values Rs. 10,000. It is decided to write off depreciation under the straight-line method. The correct journal entry to record the same is ___

Debit depreciation account Rs 18,000

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Credit machinery account Rs 18,000

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Both A & B

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None of these

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Solution

The correct option is C
Both A & B

Depreciation A/c Dr 18000

To Machinery A/c 18000

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Similar questions

On July 1, 2010, Ashwani purchased a machine for Rs 2,00,000 on credit. Installation expenses Rs 25,000 are paid by cheque. The estimated life is 5 years and its scrap value after 5 years will be Rs 20,000. Depreciation is to be charged on the straight-line basis. Show the journal entry for the year 2010 and prepare necessary ledger accounts for the first three years.

On April 01, 2010, Bajrang Marbles purchased a Machine for Rs 2,80,000 and spent Rs 10,000 on its carriage and Rs 10,000 on its installation. It is estimated that its working life is 10 years and after 10 years its scrap value will be Rs 20,000.

(a)	Prepare Machine account and Depreciation account for the first four years by providing depreciation on straight line method. Accounts are closed on March 31st every year.
(b)	Prepare Machine account, Depreciation account and Provision for depreciation account (or accumulated depreciation account) for the first four years by providing depreciation using straight line method accounts are closed on March 31 every year.

Q. Question : On April

1, 2000

, Bajrang Marbles purchased a Machine for Rs.

2, 80, 000

and spent Rs.

10, 000

on its carriage and Rs.

10, 000

on it installation. It is estimated that its working life is

10

years and after

10

years its scrap value will be Rs

20, 000

.
(a) Prepare Machine account and Depreciation account for the first four years by providing depreciation on straight line method Accounts are closed on March

31^{s t}

every year.
(b) Prepare Machine account, Depreciation account and Provision for depreciation account (or accumulated depreciation account) for the first four years by providing depreciation using straight line method. Accounts are closed on March

31^{s t}

every year.

On April 1, 2000, Bajrang Marbles purchased a Machine for Rs 2,80,000 and spent Rs 10,000 on its carriage and Rs 10,000 on its installation. It is estimated that its working life is 10 years and after 10 years its scrap value will be Rs 20,000.

(a) Prepare Machine account and Depreciation account for the first four years by providing depreciation on the straight-line method. Accounts are closed on March 31 st every year.

(b) Prepare Machine account, Depreciation account and Provision for depreciation account (or accumulated depreciation account) for the first four years by providing depreciation using the straight-line method. Accounts are closed on March 31 st every year.

Q. The cost of a machine having a span of life of

5

years is

R s . 1, 00, 000

. It has a scrap value of

R s . 10, 000

. The amount of depreciation under the sum of years' digit method will be ____________.

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Soloman purchases a machine for Rs. 1,00,000 . Its estimated useful life is 5 years and scrap Values Rs. 10,000. It is decided to write off depreciation under the straight-line method. The correct journal entry to record the same is ___

The correct option is C Both A & B Depreciation A/c Dr 18000 To Machinery A/c 18000

The correct option is C
Both A & B

Depreciation A/c Dr 18000

To Machinery A/c 18000